This doesn't mean you get to keep his deposit however you can deduct money from the deposit for time the property was held. 

He says he doesn't have the money to pay the rent and to get a new place.

@Mahmudul ShoikotIt’s your choice what you do, but why wouldn’t you help out your tenant to give you money?  

but the $7000 to pay off the vehicle will only save me about $600 in interest whereas investing that 7k into another home or renovations, like adding a new bathroom to my current 3bed 1bath home, would yield way more than the money saved.

Knowing you will close or they will get “free money”. 

It's not worth spending so much money on a short basement even if you can, as it will affect the end result. 

If 10% is sufficient, do that and keep the remaining money as a reserve or for your next investment.

I mean, if I'm paying that much money, I'm hoping for deal on a house.

Any guidance is gladly accepted and welcomed.Thanks,NickDo you know if this person has the money?

Not to say young syndicators can't be great in the business, but I will let someone else prove the thesis with their money first.And to be clear, I don't think experience only comes from being the GP in deals.